To our valued investors,

On behalf of the Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”), I would like to express sincere appreciation to all unitholders for their continued patronage and support.

Since its listing on the Infrastructure Investment Fund Securities Market of the Tokyo Stock Exchange on October 30, 2017, CSIF has been investing in renewable energy power generation facilities to establish a sustainable society and provide stable returns to investors. As of the end of December 2024, CSIF managed a portfolio consisting of 32 facilities with a total output capacity of 227 MW and with a total acquisition value of 97.3 billion yen. We aim to provide stable distributions and to achieve sustainable growth.

In February 2025, the Japanese cabinet approved the Seventh Strategic Energy Plan and set a target renewable energy ratio of 40% to 50% for the energy portfolio in fiscal year 2040. In addition, solar power is projected to be 22% to 29% of the energy portfolio and it is expected that it will continuously play a significant role as a major power source. The Japanese government announced its policy of reducing greenhouse gas emissions in fiscal year 2040 by 73% from the level in fiscal 2013. Initiatives towards the realization of a decarbonized society are gathering momentum. Amid these changes in society, CSIF will not only aid the acceleration of decarbonization, but also the resolution of social issues including the stable supply of energy and regional revitalization through investments in renewable energy.

In line with our management strategy, we will make the most of the Canadian Solar Group’s strong sponsor pipeline and benefit from the Group’s vertically integrated model to achieve continued growth. We will focus on the points below to increase value for investors.

● Continue to provide stable distributions—We will maintain our foundation for earning long-term stable revenue to provide consistent returns to investors.
● Implement ESG strategies—We will emphasize the environmental, social and corporate governance (ESG) issues and work harder to establish a decarbonized society.
● Expand our portfolio—We will acquire additional blue-chip solar power plants to seek to increase our scale and profitability.
● Enrich dialogue with investors—We will work intensively to implement highly transparent management to build closer relationships of trust with investors.

We respectfully seek your continued support and understanding.

Canadian Solar Infrastructure Fund, Inc.
Executive Director Hironobu Nakamura